When Vinny D'Andraia showed up at The Bergen, the new rental building just on the border of Park Slope and Boerum Hill, he had zero interest in mincing words about the rental market.
"It's been awful," he asserted.
D'Andraia had spent four days looking at one-bedrooms for himself and his girlfriend in Williamsburg, Prospect Heights, Park Slope and Fort Greene — all of which seemed too cramped, too dusty, too much in disrepair. So he decided to check out one of the new developments. When he called that morning, some of the less expensive one-bedrooms (under $3,000), were still on the market. But by 1 p.m., they were gone.
One can argue that this is a pretty typical experience for renters.
After a winter where rents looked like they were finally coming down and the vacancy rate looked as if it was edging up, the market reverted to form just in time for the heavy rental season.
According to figures released last week by real estate appraisal firm Miller Samuel, the average rental in Manhattan rose 5.1 percent to $4,008. (Yes, the average apartment is over $4,000 per month.) And the vacancy rate dropped from 1.58 percent to 1.45 percent. In Brooklyn the average price of an apartment is not much lower at $3,209.
"Demand is there," says Gary Malin of Citi Habitas. "Is it as high as it used to be? No, it's not that sort of intensity. But we had an extraordinarily busy April."
And the strength in the market can be seen all over. "Queens is relatively strong," says Yuval Greenblat of Douglas Elliman. "But the strongest demand has been downtown. People prefer to live downtown if they can — and Brooklyn is no longer [just] an alternative. You have people not considering Manhattan anymore."
"Most landlords are trying to capitalize on the market," says Aleksandra Scepanovic, Managing Director of Ideal Properties Group, which is based in Brooklyn. "Landlords are trying to squeeze out every dollar they can, so they're turning brownstones into luxury [properties] minus the amenities."
So after D'Andraia asked to look at the next price point at The Bergen and found a unit that was within reach, he grabbed it. Here are some other buildings you can grab — for now.
Modal Trigger
Look out the window at 1080 Amsterdam, and you might forget for the moment that you're in Manhattan — with the Cathedral of St. John the Divine hovering in the background, you might think you've somehow woken up in Europe. This 1931 building was previously hospital housing reimagined by Steven Krachtman Architects as 95 rentals, starting at $2,500 for studios, $3,500 for one-bedrooms and $6,495 for two-bedrooms. The building (which was developed by Stonehenge Partners and SL Green, and had Andres Escobar on the interiors) will be ready for move-ins on June 1. Hardwood floors, sunken living rooms, Italian cabinets and Caesarstone counters are among its high-end finishes. Contact: 646-833-1080.
Jimmy Pham
1080 Amsterdam
Jimmy Pham
1080 Amsterdam
Jimmy Pham
1080 Amsterdam
Jimmy Pham
The best known marker in Long Island City is still the Pepsi Cola sign, and you can now rent an apartment peeking through its letters at TF Cornerstone's new mega-building, 4610 Center Blvd., its sixth in the area. Occupancy started on May 1 for the 26-story tower's 584 apartments. Units run from 490 to 699 square feet for studios (with prices going from $2,160 to $3,200); 666 to 807 square feet for one-bedrooms ($2,800 to $4,100); 933 to 1,182 for two-bedrooms ($3,890 to $6,100); and a handful of 1,220 square foot three-bedrooms ($5,330 to $5,995). Contact: 718-606-9440.
TF Cornerstone
4610 Center Blvd.
Brian Zak
4610 Center Blvd.
TF Cornerstone
Long Island City isn't all waterfront — go a little inland to the Court Square area and you'll find a trove of new construction, the latest being the third building of Packard Square, the Ciampa Organization's collection of buildings just off the Queensboro Bridge. This building (there is a fourth one in the works) consists of 88 units, with available apartments ranging from 410-square-foot studios starting at $2,050 (and going to $2,225) to 524-square-foot alcove studios (going from $2,245 to $2,350), to 644- to 745-square-foot one-bedrooms ($2,525 to $3,285) and eight two-bedrooms (from $3,300 to $3,700). "We're about 30 percent leased in the two weeks we've been opened," says Jodi Stasse of Citi Habitats who has been marketing the building. Contact: 718-707-9449.
Handout
Check out these apartments, bra. No, that's not a typo — we mean you should consider the former Maidenform bra factory in Bayonne that is being converted into lofts, bro. The 85 units start at $1,500 per month for studios and go up to $2,200 for two-bedrooms. "Want something with better quality and better value," says Doug Stern of Stern Capital, which did the conversion. In addition to the 12- to 20-foot ceilings, the mahogany front doors, the gourmet kitchens with quartz counters, the washer/dryer in every unit and the silver LEED certification, Stern intends to "[build] a community here — not just a place where you can go to sleep." Among the community's amenities: A 1,000-degree outdoor pizza oven. Contact: Doug Stern, 201-488-3926.
Christian Garibaldi
Silk Lofts
Christian Garibaldi
The heck with proximity to the subway — 18 Park is right near the PATH train, the Marin Boulevard light rail and ferry service, so take that F train. And if that doesn't convince you of this building's good transportation options, it also has 230 parking spaces. This 11-story, 422-unit rental was developed by Ironstate Development and KRE Group and designed by HWKN and Wasko Architects. Its oversized studios, one- and two-bedrooms began leasing last week (from $2,200 to $4,000). There's also a fitness center, outdoor swimming pool, planted garden, billiards room, screening room, and many other perks that will make you gladly trade the subway for the PATH. (Did we mention that it's shooting for silver LEED certification and will be the site of a 34,000-square-foot Boys & Girls Club?) Contact: 201-451-0018.
HWKN
Are you interested in a new Robert A.M. Stern-designed building on the High Line with curated art, interiors by Clodagh and 30,000 square feet of amenity space? Stop — you had us at Stern. Related's new 312-unit rental went on the market in March, and despite all the cachet of the names "Stern" and "High Line" studios start at a fairly reasonable $3,000, one bedrooms at $3,900, and two-bedrooms at $5,400. Contact: 646-346-8492.
Related Companies
Abington House
Related Companies
Brownstone Brooklyn shan't be denied its share of luxury buildings with non-stop amenities! Hence we have The Bergen, an 84-unit rental building consisting of studios (starting at $2,400), one-bedrooms (starting at $2,975) and two-bedrooms (starting at $3,995), which has a full-time doorman, Abigail Michaels Concierge service, gym, billiards room and landscaped terrace. Contact: 888-718-6298.
Zandy Mangold
It wouldn't be a new rental season if some new luxury rental building weren't unveiled in Williamsburg — so we give you Printhouse Lofts. This former warehouse from the early 20th century is being turned into 36 luxury units (one-bedrooms starting at $2,600, two-bedrooms at $4,000, three-bedrooms at $5,950) with leasing slated to begin next month. The Greystone-developed building will feature a virtual doorman, laundry, bike storage and 2,500 square feet of roof deck. Contact: Dave Maundrell, aptsandlofts.com, 718-384-5304.
Durukan Design
Saying the words "apartment on the park" to a seasoned New Yorker and they might cry at the beauty of it all. Now's your big chance: a new 119-unit, seven-story building launching in June that's on Prospect Park. And the best part is that the property — developed by the Cherit Group and Clipper Equity — has an entry price (barely) less than $2,000! Studios start at $1,999; one-bedrooms begin at $2,299; two-bedrooms go as little as $3,250; and three-bedrooms begin at $3,800. Contact: Dave Maundrell, aptsandlofts.com, 718-384-5304.
Vicky Chan of Avoid Obvious
In the olden days (and by that we mean '09 recession days) new buildings would do anything to lure in prospective renters, including offering a month or two's rent free… so many memories. Well, the memories are still real at 171 N. 10th, a seven-story, 20-unit prime Williamsburg building that's offering a free month on their studios (beginning at $2,383), one-bedrooms (beginning at $3,208), two-bedrooms (beginning at $4,125) and three-bedrooms (beginning at $6,417). Contact: Dave Maundrell, aptsandlofts.com, 718-384-5304.
Mark Miglionico
There's no need to move to Brooklyn or Queens if you think rents are too high in Manhattan. (Besides, Brooklyn won't save you a penny.) Just look to the neighborhood to the north: Inwood. At The Stack, the new 22-unit building which started leasing this month, studios start at $1,755, one-bedrooms from $2,400, two-bedrooms from $2,850 and three-bedrooms from $3,990. The apartments have large windows, stainless-steel energy efficient appliances and many come with outdoor space as well. The building also features a virtual doorman, central laundry room and landscaped courtyard. Contact: 212-759 4857.
Douglas Elliman
The Stack
Douglas Elliman
The Stack
Douglas Elliman
The Stack
Douglas Elliman
The Stack
Douglas Elliman
We imagine that a brand new luxury rental in a prime Manhattan neighborhood will be sought out, so be prepared to have sharp elbows if you want an apartment at the East Village's new building, The Nathaniel, a nine-story, 85-unit development by YYY Third Avenue with Karl Fischer as the architect and McCartan as the interior designer. Studios start at $3,470; one bedrooms start at $4,600; two bedrooms start at $6,650; and three bedrooms at a whopping $11,500. (Hey, you wanted to live in the East Village.) Aside from the apartments, the building comes with a 24-hour attended lobby, Club Room, rooftop sun lounge with reflecting pool, private gym and bike storage. Contact: 212-533-1212.
Douglas Elliman
The Nathaniel
Douglas Elliman
Old Queens hands might remember the name Pearson as the bar in Jackson Heights which had some excellent barbecue. Well, at The Pearson at Court Square, barbecue lives on — there are grills on the roof. Studios start at $2,050; one-bedrooms start at $2,595; and two-bedrooms start at $3,095. Units come with lots of excellent amenities and features (double-paned windows, wide-plank oak flooring, Caesarstone counters), with lots to get excited about in the common areas, too: landscaped terraces, fitness center with yoga studio, outdoor basketball court, parking and pending LEED certification. Contact: Douglas Elliman, 718-784-4550.
Douglas Elliman
The Pearson at Court Square
Douglas Elliman
The Pearson at Court Square
Douglas Elliman
It's not just Long Island City and Astoria where developers are casting their eye in Queens — Rego Park is also on their radar. Take The Rego Modern, a 38-unit rental building which should be ready for move-ins this summer. Studios should be starting in the $1,500 range and apartments go to two-bedrooms for $2,700. "There'll be a resident's lounge, a roof deck and very nice finishes," says Eric Benaim of Modern Spaces. Contact: Eric Benaim, Modern Spaces, 718-784-1110.
Donna Dotan Photography
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